The bank said that the portfolio comprises approximately 150,000 active credit card relationships.
First BanCorp president and chief executive officer Aurelio Alemán said this acquisition diversifies their revenue stream and the composition of its loan portfolio.
"The transaction strengthens our franchise value and will contribute to our objective to return the Corporation to profitability," Alemán said.
The deal is expected to complete by the second quarter of 2012, after receiving approval from concerned regulatory agencies, said the firm.
FIA Card Services has decided to provide services to the accounts under an interim servicing agreement into 2013, to avoid inconvenience to the users.
First BanCorp operates 161 branches, stand-alone offices and in-branch service centers through FirstBank Puerto Rico bank across the US.
